POWER INTEGRATIONS INC (POWI)

Power Integrations designs, develops and markets analog and mixed-signal integrated circuits and other electronic components used in high-voltage power conversion. Its products sit in power converters that change electricity from a high-voltage source into the form needed downstream, typically converting AC to DC or the reverse, raising or lowering voltage, and regulating output voltage or current. A large share of its products are ICs for AC-DC power supplies that turn wall-outlet AC into the low-voltage DC most electronic devices need. The products are "system-level": they combine a high-voltage transistor, drivers, advanced control circuitry and, in some cases, a safety-isolated communication link between the input and output sides of the converter. The company says this reduces design complexity, size and component count, shortens time-to-market, and cuts energy use in both normal and standby operation.

The product lines fall into three groups. AC-DC power conversion products include the TOPSwitch (introduced 1994), TinySwitch, LinkSwitch, Hiper, InnoSwitch and InnoMux families, which address power supplies up to about 500 watts. InnoSwitch combines primary, secondary and feedback circuits in one package using FluxLink technology. Since 2019 some products have used the company's proprietary PowiGaN gallium-nitride transistors, now rated up to 1700 volts. LED drivers for lighting are also offered. High-voltage gate drivers, sold mainly as SCALE and SCALE-2 circuit boards and SCALE-iDriver standalone ICs, operate IGBT and silicon-carbide switches in applications from a few kilowatts up to gigawatts. Motor-driver ICs, the BridgeSwitch and BridgeSwitch-2 families, serve brushless DC motors up to about one horsepower. Automotive-qualified versions of certain InnoSwitch and SCALE-iDriver products are offered for electric vehicles. Design support includes PI Expert design software, Motor-Xpert software, a transformer-sample service and PowerPros live online support.

Its products go into industrial controls, smart utility meters, appliances, air conditioners, battery-powered tools, building automation and internet-of-things devices, and mobile devices such as smartphones, tablets and notebooks. Motor drivers are used in refrigerator compressors, ceiling fans, air purifiers, pumps and HVAC systems. Gate drivers serve industrial motors, solar and wind power systems, electric locomotives, EVs and high-voltage DC transmission. The company estimates its served available market at about $5 billion, up from AC-DC applications of up to about 50 watts before 2010, and expects automotive applications to become a significant part of it. The overall market has grown modestly because unit growth is largely offset by falling average selling prices.

The growth strategy centers on deeper penetration of existing markets, expansion of the addressable market, and use of its GaN technology. GaN work targets higher-power uses such as AI data-center power supplies, communications infrastructure, EV onboard charging and EV drivetrain switching modules. In July 2024 the company acquired the assets of Odyssey Semiconductor, a vertical GaN developer, to speed this work. The company also positions its energy-saving technologies, such as EcoSmart, as helping customers meet efficiency regulations. The text provided does not describe suppliers, manufacturing, named competitors or headquarters, though it notes that discrete-component designs from multiple suppliers are the main alternative to its integrated products.